ALLENTOWN — Talen Energy shareholders voted overwhelmingly in favor of the company's "take-private" buyout by New York private equity firm Riverstone Holdings, according to regulatory filings.

They weren't as enamored with the "golden parachute" compensation packages offered the company's top executives.

While the merger itself received roughly 99 percent shareholder approval in the Oct. 6 vote, the executive pay packages offered to President and CEO Paul Farr and his team received only about 75 percent approval.

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Talen shareholders are set to receive $14 a share for their Talen stock when the transaction is completed, which the two companies expect to happen by the end of the year. The $1.2 billion to $1.8 billion deal still needs the approval of the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission.

When the deal closes, according to proxy materials, Farr will get $5.9 million in "single-trigger" compensation. He'll be eligible for another $15.1 million if he is terminated without cause following the merger.

Talen Energy employs about 400 white-collar workers at its headquarters at the Plaza at PPL Center at Ninth and Hamilton streets in downtown Allentown.

The company was formed in June 2015 when PPL Corp. spun off its power generation and marketing business, combining it with a group of plants controlled by Riverstone to create Talen Energy. It controls 16,000 megawatts of generating capacity at plants in several states.